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Music School Tunes Up for Lincoln Park Sale
The Old Town School of Folk Music is selling the Lincoln Park building it has occupied since 1968, Crain’s Chicago Business reported. The school has hired Cushman & Wakefield’s Michael Marks to sell the historic property at 909 W. Armitage Ave.
Plans reportedly call for using sale proceeds to start a major endowment fund, which has a short-term target of $10 million. The school is betting on a high price for the 120-year-old, 9,000-square-foot property in a strong local market, where retail vacancies nearby have dropped 230 basis points from a year ago.
“The school has decided to take a brick-and-mortar asset that has served us for 50 years and convert it into a financial asset that will serve us into perpetuity,” the school’s Bau Graves told Crain’s. Old Town School moved to a new headquarters site in 1998, although it has continued to occupy 909 W. Armitage.
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- ◦Sale/Acquisition
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